# In the matter of Premium International Impex Private Limited CP(IB). No. 35-59-HDB-2019

> NCLT judgment dated 2019-02-01. Citation: TCN-2019-NCLT-05048. The case pertains to the voluntary liquidation of Premium International Impex Private Limited…

- **Court:** NCLT
- **Order date:** 1 Feb 2019
- **Citation:** TCN-2019-NCLT-05048
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/premium-international-impex-private-limited-cpib-no-35-59-hdb-2019-ea524cb5

## Summary

### Background

The case pertains to the voluntary liquidation of Premium International Impex Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated in 2004 and was involved in the tobacco business, which it ceased three years prior to the application. The Board of Directors passed a resolution for voluntary liquidation on September 16, 2017, and appointed Padmasri Appana as the liquidator. The company declared solvency and complied with the necessary regulations, including public announcements and filing reports with the Registrar of Companies (RoC) and the Insolvency and Bankruptcy Board of India (IBBI).

## Facts

Premium International Impex Private Limited was incorporated on December 15, 2004, under the Companies Act, 1956. Its registered office was located in Guntur. The company's authorized share capital was Rs. 2,00,00,000, divided into 20,00,000 equity shares of Rs. 10 each. The issued and subscribed capital was Rs. 1,45,86,480, divided into 14,58,648 equity shares of Rs. 10 each, fully paid up. The company's business involved manufacturing and dealing in tobacco products. However, it ceased operations three years prior to the application for voluntary liquidation. On September 16, 2017, the Board of Directors passed a resolution for voluntary liquidation under the Insolvency and Bankruptcy Code, 2016. A declaration of solvency was made by the directors, Maddi Lakshmaiah

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## Issues and analysis

### Issue 1: Whether the Liquidator has complied with the provisions of Section 59 of the Insolvency and …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 3 of the

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**Reasoning:** The tribunal examined the liquidator's actions and found that she had complied with all

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**Interpretation:** Section 59 of the IBC and the associated regulations are interpreted to ensure

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**Application:** The liquidator's actions, including the declaration of solvency, the resolution

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Respondents:** Premium Internatio…

## Timeline

- **2004-12-15 — Company Incor…**: Premium International Impex Private Limited was incorporated under the Companies Act,…
- **2017-09-16 — Board Resolution for…**: The Board of Directors passed a resolution for voluntarily liquidating the Company under…

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